Our thinking on AI, each piece tied to a decision a leader has to make.https://www.r5advisory.com/https://www.r5advisory.com/memos/the-layer-nobody-owns/https://www.r5advisory.com/memos/the-layer-nobody-owns/Today’s AI infrastructure is built for one person working with an agent against one system. The next layer, where my agents work with yours across companies, has a common language but no settled way to establish who an agent is, what it may agree to, or what happens when two disagree, and no neutral party owns it yet. Leaders should prepare for their agents to deal with other people’s, and investors should watch who earns the trust to broker it.Sun, 01 Nov 2026 00:00:00 GMThttps://www.r5advisory.com/memos/the-order-of-commitments/https://www.r5advisory.com/memos/the-order-of-commitments/Every week the frontier makes a new case for waiting: why build or connect anything of your own if your customer’s agent will soon do the work? But people, markets and regulators move far slower than the models do. Commit first to what pays for itself now, plan in parallel for the world where it matters less, and get the data ready for both.Thu, 15 Oct 2026 00:00:00 GMT